Randolph Bancorp, Inc. (the “Company” or “Randolph”) (NASDAQ Global
Market: RNDB), the holding company for Envision Bank (the “Bank”),
today announced a net loss of $235,000, or $0.05 per basic share
and diluted share, for the three months ended March 31, 2022
compared to net income of $786,000, or $0.17 per basic share and
$0.16 per diluted share, for the three months ended December 31,
2021 and net income of $4.1 million, or $0.81 per basic share and
$0.78 per diluted share, for the three months ended March 31, 2021.
Excluding one-time events of $240,000 in severance expenses,
$588,000 in merger expenses, and $290,000 for the reversal of a
cease use liability, net income on a non-GAAP basis was $318,000,
or $0.06 per diluted share, for the three months ended March 31,
2022. Excluding one-time events of $26,000 in severance expenses
and $55,000 in loss on disposal of fixed assets, net income on a
non-GAAP basis was $844,000, or $0.17 per diluted share, for the
three months ended December 31, 2021. Excluding one-time charges of
$109,000 in severance expenses, net income on a non-GAAP basis for
the three months ended March 31, 2021 was $4.2 million, or $0.79
per diluted share.
At March 31, 2022, total assets were
$770.3 million, compared to $803.3 million at December
31, 2021, a decrease of $33.0 million, or 4.1%. Total loans
increased by $35.0 million, or 6.4%, to $584.8 million at March 31,
2022 from $549.8 million at December 31, 2021, and loans held for
sale decreased by $22.1 million to $22.7 million at March 31, 2022
from $44.8 million at December 31, 2021. Cash and cash equivalents
decreased by $44.4 million, or 38.4%, to $71.1 million at March 31,
2022, from $115.4 million as of December 31, 2021, as a result of
decreases in brokered deposits and Federal Home Loan Bank of Boston
(“FHLBB”) advances of $17.0 million and $5.0 million, respectively,
in the quarter, dividends paid of $11.2 million, and net loan
growth of $35.0 million, partially offset by a decrease in loans
held for sale of $22.1 million. Compared to March 31, 2021, total
assets grew $32.1 million, or 4.3%, from $738.2 million. The growth
from the prior year period was driven by increases in total loans
of $87.0 million, or 17.5%, and cash and cash equivalents of $16.1
million, or 29.3%, partially offset by a decrease in loans held for
sale of $70.5 million, or 75.6%.
William M. Parent, President and Chief Executive
Officer, stated, “In the first quarter, we saw many challenges in
the mortgage banking environment, as the extent and pace of
interest rate increases, and the slower winter season negatively
impacted residential lending production and mortgage banking
profitability. We are excited by the recently announced merger with
Hometown Financial Group, Inc. and look forward to the anticipated
closing of that transaction in the fourth quarter of 2022. I want
to thank all of our employees who continue to contribute to the
ongoing improvement of our company and their commitment to our
customers.”
First Quarter Operating
ResultsNet interest income decreased by $427,000, or 7.5%,
to $5.3 million for the three months ended March 31, 2022 from $5.7
million for the three months ended December 31, 2021. This decrease
was primarily due to a 14.1% decrease in average balances of 1-4
family residential loans, as a result of declining loans held for
sale and the full quarter impact of a $35.6 million sale from
portfolio occurring late in the fourth quarter of 2021 and a
$52,000 decline in accretion of fees earned from the Small Business
Administration’s Paycheck Protection Program (“SBA PPP”) to
$106,000 in the first quarter of 2022. The yield earned on
interest-earning assets decreased by 28 basis points from the prior
quarter due to the change in asset mix, while the rate paid on
interest-bearing liabilities was unchanged from the prior quarter.
Accordingly, the net interest margin decreased by 28 basis points,
to 2.86% in the first quarter of 2022 from 3.14% in the fourth
quarter of 2021.
Net interest income increased by $176,000, or
3.5%, to $5.3 million for the three months ended March 31, 2022,
from $5.1 million in the same period in the prior year. Relative to
the prior year quarter, the net interest margin decreased by 14
basis points to 2.86%, from 3.00%. The improvement in net interest
income primarily reflects a decrease in the cost of
interest-bearing liabilities of 19 basis points from the prior year
quarter.
The Company recognized a provision for loan
losses of $71,000 for the quarter ended March 31, 2022, driven by
loan growth. The allowance for loan losses was 1.09%, 1.14% and
1.32% of total loans at March 31, 2022, December 31, 2021 and March
31, 2021, respectively, and was 237.2%, 239.7% and 79.0% of
non-performing assets at March 31, 2022, December 31, 2021 and
March 31, 2021, respectively.
Non-interest income decreased $2.3 million, or
51.7%, to $2.2 million for the quarter ended March 31, 2022 from
$4.5 million in the quarter ended December 31, 2021, due to a
decrease of $2.5 million in the net gain on loan origination and
sale activities. Sold mortgages totaled $129.9 million in the first
quarter of 2022, compared to $297.3 million in the fourth quarter
of 2021. The first quarter of 2022 ended with a mortgage pipeline
of $42.7 million, compared to a pipeline of $85.9 million at the
end of the fourth quarter of 2021, and loans held for sale were
$22.7 million as of March 31, 2022, compared to $44.8 million as of
December 31, 2021. Decreasing sales volumes and declines in the
fair value of loans held for sale, reflecting rising interest rates
and seasonality, contributed to the erosion in the gain on loan
origination and sale activities from the prior quarter. Mortgage
servicing fees increased $91,000, or 35.4%, to $348,000 for the
first quarter of 2022 from $257,000 in the fourth quarter of 2021
as a result of a release to the valuation allowance of mortgage
loan servicing rights of $135,000 in the first quarter of 2022,
compared to a release of $43,000 in the fourth quarter of 2021, as
interest rates increased at an accelerated pace in the first
quarter of 2022.
Non-interest income decreased
$10.2 million, or 82.4%, to $2.2 million for the quarter
ended March 31, 2022 from $12.4 million for the quarter ended
March 31, 2021, principally due to a decrease of $9.7 million
in the net gain on loan origination and sale activities. Sold
mortgage loans totaled $129.9 million in the first quarter of
2022, compared to $503.3 million in the first quarter of 2021. The
first quarter of 2022 ended with a mortgage pipeline of $42.7
million, compared to a pipeline of $239.5 million at the end of the
first quarter of 2021. Mortgage servicing fees decreased $431,000
in the quarter ended March 31, 2022, relative to the prior year
quarter, principally due to $315,000 in sub-servicer expenses
incurred during the first quarter of 2022, as well as a decline in
the release to the valuation allowance of mortgage loan servicing
rights to $135,000 in the quarter ended March 31, 2022, compared to
a release of $421,000 in the quarter ended March 31, 2021.
Non-interest expenses decreased $515,000, or
5.6%, in the quarter ended March 31, 2022 from $9.2 million in the
quarter ended December 31, 2021. The decrease was due to a
reduction in salaries and employee benefits expense of $930,000, or
15.3%, primarily attributed to lower commissions and incentives
associated with lower residential loan production and by reductions
in headcount related to the Company’s reduction in force initiative
during the first quarter of 2022. Occupancy and equipment expenses
decreased $348,000, or 48.8%, primarily due to the reversal of a
cease use liability of $290,000 during the quarter. The decreases
in salaries and employee benefits expenses and occupancy and
equipment expenses were partially offset by severance expenses of
$240,000 and increases to professional fees of $700,000, or 215.4%,
as a result of $588,000 in merger expenses, in addition to seasonal
increases in professional fees for annual reporting
requirements.
Non-interest expenses decreased $3.2 million, or
27.2%, to $8.7 million in the quarter ended March 31, 2022
from $12.0 million in the quarter ended March 31, 2021. The
decrease was principally due to a decrease in salaries and employee
benefits of $3.3 million, primarily attributed to lower commissions
and incentives associated with a normalization of residential loan
production and reduced headcount. The decreases in salaries and
benefits expenses and occupancy and equipment expenses were
partially offset by severance related costs $240,000 and merger
expenses of $588,000 during the first quarter of 2022.
The income tax benefit was $1.1 million for the
three months ended March 31, 2022, compared to an income tax
expense of $330,000 for the three months ended December 31, 2021
and $1.7 million for the three months ended March 31, 2021.
Non-qualified stock option exercises during the quarter contributed
to the income tax benefit, in addition to the net loss generated
during the quarter.
Balance SheetAt March 31, 2022,
total assets amounted to $770.3 million, compared to $803.3 million
at December 31, 2021, a decrease of $33.0 million, or 4.1%. A $44.4
million decrease in cash and cash equivalents and a $22.1 million
decrease in loans held for sale from the prior quarter were
partially offset by a $35.0 million increase in net loans. The
increase in net loans was primarily the result of a $35.4 million
increase in 1-4 family residential loans from the prior quarter and
a $1.8 million increase in commercial real estate loans, partially
offset by decreases in construction and commercial and industrial
loans. Deposits decreased by $13.5 million, or 2.1%, in the
quarter, due to a $17.0 million decrease in brokered deposits,
partially offset by an increase of $4.4 million in savings accounts
and $2.2 million in money market accounts, as the Company managed
its excess liquidity and the cost of its funding base.
Total assets at March 31, 2022 increased $32.1
million, or 4.3%, to $770.3 million from $738.2 million at March
31, 2021. Contributing to asset growth was an $87.6 million, or
17.7%, increase in net loans to $579.6 million at March 31, 2022
from $492.0 million at March 31, 2021. Cash and cash equivalents
increased by $16.1 million, or 29.3%, to $71.1 million at
March 31, 2022 from $55.0 million at March 31, 2021, principally
due an increase of $64.4 million, or 11.5%, of deposits. Commercial
real estate loans increased by $52.3 million, or 35.6%, as we focus
on diversifying our loan mix. FHLBB advances decreased by
$15.0 million to $45.0 million at March 31, 2022, from
$60.0 million at March 31, 2021.
Total stockholders’ equity was $88.5 million at
March 31, 2022 compared to $100.9 million at December 31, 2021. The
decrease of $12.4 million reflects a net loss of $235,000,
dividends of $11.2 million, a $1.8 million change in accumulated
other comprehensive loss, net of taxes, as a result of the impact
of increasing interest rates on available for sale securities, and
share repurchases of $1.3 million, partially offset by proceeds
from the exercise of options of $1.8 million and stock-based
compensation of $284,000.
Total stockholders’ equity was $88.5 million at
March 31, 2022 compared to $100.9 million at March 31, 2021. The
decrease of $12.4 million relates mainly to dividends of
$12.0 million, share repurchases of $7.0 million, and a change
in accumulated other comprehensive loss, net of taxes, of $2.1
million, partially offset by net income over the past twelve months
of $5.3 million, proceeds from the exercise of options of $2.0
million and stock-based compensation over the past twelve months of
$1.2 million.
Proposed Transaction with Hometown
FinancialOn March 28, 2022, the Company and Hometown
Financial Group, Inc. (“Hometown”) entered into an Agreement and
Plan of Merger pursuant to which, through a series of transactions,
Hometown will acquire the Company in a cash transaction for total
consideration valued at approximately $146.5 million. Under
the terms of the Agreement and Plan of Merger, Company shareholders
will receive $27.00 for each share of Company common stock. The
transaction is expected to close in the fourth quarter of 2022 and
is subject to customary closing conditions, including approval by
the shareholders of the Company and required regulatory
approvals.
Additional information about the transaction can
be found in the joint press release issued on March 28, 2022, which
is available on the Company’s website at
www.randolphbancorp.com.
Additional Information about the
Proposed Transaction and Where to Find ItIn connection
with the proposed merger, the Company will file a proxy statement
with the Securities and Exchange Commission (“SEC”). Hometown will
also file relevant materials in connection with its proposed
acquisition of the Company. Shareholders of the Company are urged
to read the proxy statement and other relevant documents and any
amendments or supplements to those documents, because they will
contain important information which should be considered before
making any decision regarding the transaction. A free copy of the
proxy statement, as well as other filings containing information
about the Company and Hometown, when they become available, may be
obtained at the SEC’s Internet site (http://www.sec.gov). Copies of
the proxy statement may also be obtained, free of charge, from the
Company’s website at www.RandolphBancorp.com under the “SEC
Filings” tab or by directing a request to:
Lauren MessmoreExecutive Vice President and
CFORandolph Bancorp, Inc.2 Batterymarch Park, Suite 301Quincy, MA
02169
Participants in the
SolicitationThe Company and certain of its directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the Company’s shareholders in
connection with the merger. Information about the Company’s
directors and executive officers is set forth in the proxy
statement for the Company’s 2021 annual meeting of shareholders, as
filed with the Securities and Exchange Commission on April 9, 2021
and other relevant documents regarding the proposed merger to be
filed with the SEC. Free copies of these documents may be obtained
as described in the preceding paragraph.
The information available through Randolph’s
website is not and shall not be incorporated by reference into this
or other filings that the Company makes with the SEC.
About Randolph Bancorp,
Inc.Randolph Bancorp, Inc. is the holding company for
Envision Bank and its Envision Mortgage Division. Envision Bank is
a full-service community bank with five retail branch locations,
loan operations centers in North Attleboro and Quincy,
Massachusetts, three loan production offices located in
Massachusetts and one loan production office in Southern New
Hampshire.
Forward Looking
StatementsCertain statements contained in this press
release that are not historical facts may constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and are intended to be
covered by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. We may also make forward-looking
statements in other documents we file with the SEC, in our annual
reports to shareholders, in press releases and other written
materials, and in oral statements made by our officers, directors
or employees. You can identify forward-looking statements by the
use of the words “believe”, “expect”, “anticipate”, “intend”,
“estimate”, “assume”, “outlook”, “will”, “should”, and other
expressions that predict or indicate future events and trends and
which do not relate to historical matters. Forward-looking
statements involve risks and uncertainties. The Company’s actual
results could differ materially from those projected in the
forward-looking statements as a result of, among others, failure to
obtain necessary regulatory approvals for the proposed transaction
with Hometown; failure to obtain shareholder approvals or to
satisfy any of the conditions to the proposed transaction with
Hometown on a timely basis or at all or other delays in completing
the merger; the reputational risks and the reaction of Randolph’s
customers to the proposed transaction; ongoing disruptions due to
the COVID-19 pandemic and the measures taken to contain its spread
on the Company’s employees, customers, business operations, credit
quality, financial position, liquidity and results of operations;
changes in the general business and economic conditions on a
national basis and in the local markets in which the Company
operates, including changes that adversely affect borrowers’
ability to service and repay the Company’s loans; changes in
consumer behavior due to changing political, business and economic
conditions or legislative or regulatory initiatives; reputational
risk relating to the Company’s participation in the SBA PPP and
other pandemic-related legislative and regulatory initiatives and
programs; turbulence in the capital and debt markets and the impact
of such conditions on the Company’s business activities; and the
risk factors described in the Company’s Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q as filed with the SEC. The
Company does not undertake any obligation to update any
forward-looking statement to reflect circumstances or events that
occur after the date the forward-looking statements are made.
Non-GAAP Financial MeasuresThe
Company uses certain non-GAAP financial measures, such as return on
average assets, return on average equity, the efficiency ratio,
profit percentage, tangible book value per share, non-interest
income to total income and, where applicable, as adjusted for
non-recurring items. These non-GAAP financial measures provide
information for investors to effectively analyze financial trends
of on-going business activities, and to enhance comparability with
peers across the financial services sector.
Randolph Bancorp, Inc.Consolidated Balance Sheet(Dollars in
thousands)(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|
Mar 2022 vs. |
|
|
Mar 2022 vs. |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
Dec 2021 |
|
|
Mar 2021 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
71,072 |
|
|
$ |
115,449 |
|
|
$ |
54,950 |
|
|
|
(38.4 |
)% |
|
|
29.3 |
% |
Securities available for sale,
at fair value |
|
|
48,836 |
|
|
|
51,666 |
|
|
|
54,148 |
|
|
|
(5.5 |
)% |
|
|
(9.8 |
)% |
Loans held for sale, at fair
value |
|
|
22,698 |
|
|
|
44,766 |
|
|
|
93,176 |
|
|
|
(49.3 |
)% |
|
|
(75.6 |
)% |
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
271,755 |
|
|
|
236,364 |
|
|
|
239,190 |
|
|
|
15.0 |
% |
|
|
13.6 |
% |
Home equity |
|
|
58,501 |
|
|
|
57,295 |
|
|
|
49,073 |
|
|
|
2.1 |
% |
|
|
19.2 |
% |
Commercial real estate |
|
|
199,255 |
|
|
|
197,423 |
|
|
|
146,930 |
|
|
|
0.9 |
% |
|
|
35.6 |
% |
Construction |
|
|
32,544 |
|
|
|
33,961 |
|
|
|
29,975 |
|
|
|
(4.2 |
)% |
|
|
8.6 |
% |
Total real estate loans |
|
|
562,055 |
|
|
|
525,043 |
|
|
|
465,168 |
|
|
|
7.0 |
% |
|
|
20.8 |
% |
Commercial and industrial |
|
|
15,478 |
|
|
|
17,242 |
|
|
|
23,869 |
|
|
|
(10.2 |
)% |
|
|
(35.2 |
)% |
Consumer |
|
|
7,267 |
|
|
|
7,552 |
|
|
|
8,724 |
|
|
|
(3.8 |
)% |
|
|
(16.7 |
)% |
Total loans |
|
|
584,800 |
|
|
|
549,837 |
|
|
|
497,761 |
|
|
|
6.4 |
% |
|
|
17.5 |
% |
Allowance for loan losses |
|
|
(6,357 |
) |
|
|
(6,289 |
) |
|
|
(6,563 |
) |
|
|
1.1 |
% |
|
|
(3.1 |
)% |
Net deferred loan costs and
fees, and purchase premiums |
|
|
1,148 |
|
|
|
1,073 |
|
|
|
785 |
|
|
|
7.0 |
% |
|
|
46.2 |
% |
Loans, net |
|
|
579,591 |
|
|
|
544,621 |
|
|
|
491,983 |
|
|
|
6.4 |
% |
|
|
17.8 |
% |
Federal Home Loan Bank of
Boston stock, at cost |
|
|
2,734 |
|
|
|
2,940 |
|
|
|
3,576 |
|
|
|
(7.0 |
)% |
|
|
(23.5 |
)% |
Accrued interest
receivable |
|
|
1,434 |
|
|
|
1,500 |
|
|
|
1,501 |
|
|
|
(4.4 |
)% |
|
|
(4.5 |
)% |
Mortgage servicing rights,
net |
|
|
15,378 |
|
|
|
15,616 |
|
|
|
14,744 |
|
|
|
(1.5 |
)% |
|
|
4.3 |
% |
Premises and equipment,
net |
|
|
7,718 |
|
|
|
7,684 |
|
|
|
4,709 |
|
|
|
0.4 |
% |
|
|
63.9 |
% |
Bank-owned life insurance |
|
|
8,824 |
|
|
|
8,784 |
|
|
|
8,662 |
|
|
|
0.5 |
% |
|
|
1.9 |
% |
Foreclosed real estate,
net |
|
|
- |
|
|
|
- |
|
|
|
132 |
|
|
- |
% |
|
|
(100.0 |
)% |
Other assets |
|
|
11,999 |
|
|
|
10,252 |
|
|
|
10,607 |
|
|
|
17.0 |
% |
|
|
13.1 |
% |
Total assets |
|
$ |
770,284 |
|
|
$ |
803,278 |
|
|
$ |
738,188 |
|
|
|
(4.1 |
)% |
|
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
142,793 |
|
|
$ |
145,666 |
|
|
$ |
118,623 |
|
|
|
(2.0 |
)% |
|
|
20.4 |
% |
Savings accounts |
|
|
196,145 |
|
|
|
191,712 |
|
|
|
192,712 |
|
|
|
2.3 |
% |
|
|
1.8 |
% |
NOW accounts |
|
|
53,329 |
|
|
|
53,996 |
|
|
|
62,772 |
|
|
|
(1.2 |
)% |
|
|
(15.0 |
)% |
Money market accounts |
|
|
92,769 |
|
|
|
90,544 |
|
|
|
78,236 |
|
|
|
2.5 |
% |
|
|
18.6 |
% |
Term certificates |
|
|
106,515 |
|
|
|
106,112 |
|
|
|
75,690 |
|
|
|
0.4 |
% |
|
|
40.7 |
% |
Interest bearing brokered |
|
|
33,128 |
|
|
|
50,117 |
|
|
|
32,225 |
|
|
|
(33.9 |
)% |
|
|
2.8 |
% |
Total deposits |
|
|
624,679 |
|
|
|
638,147 |
|
|
|
560,258 |
|
|
|
(2.1 |
)% |
|
|
11.5 |
% |
Federal Home Loan Bank of
Boston advances |
|
|
45,000 |
|
|
|
50,000 |
|
|
|
60,024 |
|
|
|
(10.0 |
)% |
|
|
(25.0 |
)% |
Mortgagors' escrow
accounts |
|
|
2,773 |
|
|
|
2,128 |
|
|
|
1,924 |
|
|
|
30.3 |
% |
|
|
44.1 |
% |
Post-employment benefit
obligations |
|
|
2,064 |
|
|
|
2,222 |
|
|
|
2,235 |
|
|
|
(7.1 |
)% |
|
|
(7.7 |
)% |
Other liabilities |
|
|
7,290 |
|
|
|
9,878 |
|
|
|
12,888 |
|
|
|
(26.2 |
)% |
|
|
(43.4 |
)% |
Total liabilities |
|
|
681,806 |
|
|
|
702,375 |
|
|
|
637,329 |
|
|
|
(2.9 |
)% |
|
|
7.0 |
% |
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
52 |
|
|
|
50 |
|
|
|
53 |
|
|
|
4.0 |
% |
|
|
(1.9 |
)% |
Additional paid-in capital |
|
|
44,904 |
|
|
|
44,078 |
|
|
|
48,613 |
|
|
|
1.9 |
% |
|
|
(7.6 |
)% |
Retained earnings |
|
|
49,042 |
|
|
|
60,524 |
|
|
|
55,801 |
|
|
|
(19.0 |
)% |
|
|
(12.1 |
)% |
ESOP-Unearned compensation |
|
|
(3,521 |
) |
|
|
(3,568 |
) |
|
|
(3,709 |
) |
|
|
(1.3 |
)% |
|
|
(5.1 |
)% |
Accumulated other comprehensive income (loss), net of tax |
|
|
(1,999 |
) |
|
|
(181 |
) |
|
|
101 |
|
|
|
1004.4 |
% |
|
|
(2079.2 |
)% |
Total stockholders' equity |
|
|
88,478 |
|
|
|
100,903 |
|
|
|
100,859 |
|
|
|
(12.3 |
)% |
|
|
(12.3 |
)% |
Total liabilities and stockholders' equity |
|
$ |
770,284 |
|
|
$ |
803,278 |
|
|
$ |
738,188 |
|
|
|
(4.1 |
)% |
|
|
4.3 |
% |
Randolph Bancorp, Inc.Consolidated Balance Sheet Trend(Dollars
in thousands)(Unaudited)
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
71,072 |
|
|
$ |
115,449 |
|
|
$ |
12,876 |
|
|
$ |
34,876 |
|
|
$ |
54,950 |
|
Securities available for sale,
at fair value |
|
|
48,836 |
|
|
|
51,666 |
|
|
|
51,725 |
|
|
|
50,212 |
|
|
|
54,148 |
|
Loans held for sale, at fair
value |
|
|
22,698 |
|
|
|
44,766 |
|
|
|
75,400 |
|
|
|
74,277 |
|
|
|
93,176 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
271,755 |
|
|
|
236,364 |
|
|
|
265,561 |
|
|
|
263,992 |
|
|
|
239,190 |
|
Home equity |
|
|
58,501 |
|
|
|
57,295 |
|
|
|
56,124 |
|
|
|
50,555 |
|
|
|
49,073 |
|
Commercial real estate |
|
|
199,255 |
|
|
|
197,423 |
|
|
|
185,100 |
|
|
|
167,691 |
|
|
|
146,930 |
|
Construction |
|
|
32,544 |
|
|
|
33,961 |
|
|
|
34,479 |
|
|
|
29,140 |
|
|
|
29,975 |
|
Total real estate loans |
|
|
562,055 |
|
|
|
525,043 |
|
|
|
541,264 |
|
|
|
511,378 |
|
|
|
465,168 |
|
Commercial and industrial |
|
|
15,478 |
|
|
|
17,242 |
|
|
|
19,896 |
|
|
|
25,826 |
|
|
|
23,869 |
|
Consumer |
|
|
7,267 |
|
|
|
7,552 |
|
|
|
8,860 |
|
|
|
9,194 |
|
|
|
8,724 |
|
Total loans |
|
|
584,800 |
|
|
|
549,837 |
|
|
|
570,020 |
|
|
|
546,398 |
|
|
|
497,761 |
|
Allowance for loan losses |
|
|
(6,357 |
) |
|
|
(6,289 |
) |
|
|
(6,432 |
) |
|
|
(6,523 |
) |
|
|
(6,563 |
) |
Net deferred loan costs and
fees, and purchase premiums |
|
|
1,148 |
|
|
|
1,073 |
|
|
|
1,031 |
|
|
|
785 |
|
|
|
785 |
|
Loans, net |
|
|
579,591 |
|
|
|
544,621 |
|
|
|
564,619 |
|
|
|
540,660 |
|
|
|
491,983 |
|
Federal Home Loan Bank of
Boston stock, at cost |
|
|
2,734 |
|
|
|
2,940 |
|
|
|
3,239 |
|
|
|
2,855 |
|
|
|
3,576 |
|
Accrued interest
receivable |
|
|
1,434 |
|
|
|
1,500 |
|
|
|
1,763 |
|
|
|
1,523 |
|
|
|
1,501 |
|
Mortgage servicing rights,
net |
|
|
15,378 |
|
|
|
15,616 |
|
|
|
15,402 |
|
|
|
15,375 |
|
|
|
14,744 |
|
Premises and equipment,
net |
|
|
7,718 |
|
|
|
7,684 |
|
|
|
6,462 |
|
|
|
5,115 |
|
|
|
4,709 |
|
Bank-owned life insurance |
|
|
8,824 |
|
|
|
8,784 |
|
|
|
8,744 |
|
|
|
8,703 |
|
|
|
8,662 |
|
Foreclosed real estate,
net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
132 |
|
Other assets |
|
|
11,999 |
|
|
|
10,252 |
|
|
|
10,867 |
|
|
|
10,546 |
|
|
|
10,607 |
|
Total assets |
|
$ |
770,284 |
|
|
$ |
803,278 |
|
|
$ |
751,097 |
|
|
$ |
744,142 |
|
|
$ |
738,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing |
|
$ |
142,793 |
|
|
$ |
145,666 |
|
|
$ |
134,058 |
|
|
$ |
124,683 |
|
|
$ |
118,623 |
|
Savings accounts |
|
|
196,145 |
|
|
|
191,712 |
|
|
|
188,346 |
|
|
|
190,584 |
|
|
|
192,712 |
|
NOW accounts |
|
|
53,329 |
|
|
|
53,996 |
|
|
|
53,804 |
|
|
|
51,059 |
|
|
|
62,772 |
|
Money market accounts |
|
|
92,769 |
|
|
|
90,544 |
|
|
|
73,562 |
|
|
|
73,967 |
|
|
|
78,236 |
|
Term certificates |
|
|
106,515 |
|
|
|
106,112 |
|
|
|
73,519 |
|
|
|
74,631 |
|
|
|
75,690 |
|
Interest bearing brokered |
|
|
33,128 |
|
|
|
50,117 |
|
|
|
50,116 |
|
|
|
57,059 |
|
|
|
32,225 |
|
Total deposits |
|
|
624,679 |
|
|
|
638,147 |
|
|
|
573,405 |
|
|
|
571,983 |
|
|
|
560,258 |
|
Federal Home Loan Bank of
Boston advances |
|
|
45,000 |
|
|
|
50,000 |
|
|
|
62,900 |
|
|
|
50,016 |
|
|
|
60,024 |
|
Mortgagors' escrow
accounts |
|
|
2,773 |
|
|
|
2,128 |
|
|
|
1,905 |
|
|
|
1,783 |
|
|
|
1,924 |
|
Post-employment benefit
obligations |
|
|
2,064 |
|
|
|
2,222 |
|
|
|
2,182 |
|
|
|
2,226 |
|
|
|
2,235 |
|
Other liabilities |
|
|
7,290 |
|
|
|
9,878 |
|
|
|
10,108 |
|
|
|
17,424 |
|
|
|
12,888 |
|
Total liabilities |
|
|
681,806 |
|
|
|
702,375 |
|
|
|
650,500 |
|
|
|
643,432 |
|
|
|
637,329 |
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
52 |
|
|
|
50 |
|
|
|
50 |
|
|
|
52 |
|
|
|
53 |
|
Additional paid-in capital |
|
|
44,904 |
|
|
|
44,078 |
|
|
|
43,574 |
|
|
|
46,740 |
|
|
|
48,613 |
|
Retained earnings |
|
|
49,042 |
|
|
|
60,524 |
|
|
|
60,504 |
|
|
|
57,378 |
|
|
|
55,801 |
|
ESOP-Unearned compensation |
|
|
(3,521 |
) |
|
|
(3,568 |
) |
|
|
(3,615 |
) |
|
|
(3,662 |
) |
|
|
(3,709 |
) |
Accumulated other comprehensive income (loss), net of tax |
|
|
(1,999 |
) |
|
|
(181 |
) |
|
|
84 |
|
|
|
202 |
|
|
|
101 |
|
Total stockholders' equity |
|
|
88,478 |
|
|
|
100,903 |
|
|
|
100,597 |
|
|
|
100,710 |
|
|
|
100,859 |
|
Total liabilities and stockholders' equity |
|
$ |
770,284 |
|
|
$ |
803,278 |
|
|
$ |
751,097 |
|
|
$ |
744,142 |
|
|
$ |
738,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.Consolidated Statements of
Operations(Dollars in thousands except per share
amounts)(Unaudited)
|
|
Three Months Ended |
|
|
% Change |
|
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
|
|
Mar 2022 vs. |
|
|
Mar 2022 vs. |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
Dec 2021 |
|
|
Mar 2021 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
5,467 |
|
|
$ |
5,923 |
|
|
$ |
5,508 |
|
|
|
(7.7 |
)% |
|
|
(0.7 |
)% |
Securities-taxable |
|
|
216 |
|
|
|
217 |
|
|
|
240 |
|
|
|
(0.5 |
)% |
|
|
(10.0 |
)% |
Securities-tax exempt |
|
|
4 |
|
|
|
4 |
|
|
|
6 |
|
|
|
0.0 |
% |
|
|
(33.3 |
)% |
Interest-bearing deposits and certificates of deposit |
|
|
42 |
|
|
|
13 |
|
|
|
7 |
|
|
|
223.1 |
% |
|
|
500.0 |
% |
Total interest and dividend income |
|
|
5,729 |
|
|
|
6,157 |
|
|
|
5,761 |
|
|
|
(7.0 |
)% |
|
|
(0.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
315 |
|
|
|
308 |
|
|
|
438 |
|
|
|
2.3 |
% |
|
|
(28.1 |
)% |
Borrowings |
|
|
147 |
|
|
|
155 |
|
|
|
232 |
|
|
|
(5.2 |
)% |
|
|
(36.6 |
)% |
Total interest expense |
|
|
462 |
|
|
|
463 |
|
|
|
670 |
|
|
|
(0.2 |
)% |
|
|
(31.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
5,267 |
|
|
|
5,694 |
|
|
|
5,091 |
|
|
|
(7.5 |
)% |
|
|
3.5 |
% |
Provision (credit) for loan
losses |
|
|
71 |
|
|
|
(108 |
) |
|
|
(213 |
) |
|
|
(165.7 |
)% |
|
|
(133.3 |
)% |
Net interest income after
provision (credit) for loan losses |
|
|
5,196 |
|
|
|
5,802 |
|
|
|
5,304 |
|
|
|
(10.4 |
)% |
|
|
(2.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
365 |
|
|
|
422 |
|
|
|
367 |
|
|
|
(13.5 |
)% |
|
|
(0.5 |
)% |
Gain on loan origination and sale activities, net |
|
|
1,264 |
|
|
|
3,723 |
|
|
|
10,993 |
|
|
|
(66.0 |
)% |
|
|
(88.5 |
)% |
Mortgage servicing fees, net |
|
|
348 |
|
|
|
257 |
|
|
|
779 |
|
|
|
35.4 |
% |
|
|
(55.3 |
)% |
Increase in cash surrender value of life insurance |
|
|
40 |
|
|
|
41 |
|
|
|
40 |
|
|
|
(2.4 |
)% |
|
|
0.0 |
% |
Other |
|
|
175 |
|
|
|
92 |
|
|
|
244 |
|
|
|
90.2 |
% |
|
|
(28.3 |
)% |
Total non-interest income |
|
|
2,192 |
|
|
|
4,535 |
|
|
|
12,423 |
|
|
|
(51.7 |
)% |
|
|
(82.4 |
)% |
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
5,154 |
|
|
|
6,084 |
|
|
|
8,437 |
|
|
|
(15.3 |
)% |
|
|
(38.9 |
)% |
Occupancy and equipment |
|
|
365 |
|
|
|
713 |
|
|
|
744 |
|
|
|
(48.8 |
)% |
|
|
(50.9 |
)% |
Data processing |
|
|
345 |
|
|
|
237 |
|
|
|
263 |
|
|
|
45.6 |
% |
|
|
31.2 |
% |
Professional fees |
|
|
1,025 |
|
|
|
325 |
|
|
|
561 |
|
|
|
215.4 |
% |
|
|
82.7 |
% |
Marketing |
|
|
157 |
|
|
|
245 |
|
|
|
170 |
|
|
|
(35.9 |
)% |
|
|
(7.6 |
)% |
FDIC insurance |
|
|
58 |
|
|
|
55 |
|
|
|
54 |
|
|
|
5.5 |
% |
|
|
7.4 |
% |
Other non-interest expenses |
|
|
1,602 |
|
|
|
1,562 |
|
|
|
1,722 |
|
|
|
2.6 |
% |
|
|
(7.0 |
)% |
Total non-interest expenses |
|
|
8,706 |
|
|
|
9,221 |
|
|
|
11,951 |
|
|
|
(5.6 |
)% |
|
|
(27.2 |
)% |
Income (loss) before income
taxes |
|
|
(1,318 |
) |
|
|
1,116 |
|
|
|
5,776 |
|
|
|
(218.1 |
)% |
|
|
(122.8 |
)% |
Income tax expense
(benefit) |
|
|
(1,083 |
) |
|
|
330 |
|
|
|
1,664 |
|
|
|
(428.2 |
)% |
|
|
(165.1 |
)% |
Net income (loss) |
|
$ |
(235 |
) |
|
$ |
786 |
|
|
$ |
4,112 |
|
|
|
(129.9 |
)% |
|
|
(105.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.05 |
) |
|
$ |
0.17 |
|
|
$ |
0.81 |
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
(0.05 |
) |
|
$ |
0.16 |
|
|
$ |
0.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,815,325 |
|
|
|
4,743,833 |
|
|
|
5,056,165 |
|
|
|
|
|
|
|
|
|
Diluted |
|
|
5,014,538 |
|
|
|
4,993,750 |
|
|
|
5,254,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
share |
|
$ |
2.15 |
|
|
$ |
0.15 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.Consolidated Statements of Operations
Trend(Dollars in thousands except per share amounts)(Unaudited)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
5,467 |
|
|
$ |
5,923 |
|
|
$ |
6,226 |
|
|
$ |
5,505 |
|
|
$ |
5,508 |
|
Securities-taxable |
|
|
216 |
|
|
|
217 |
|
|
|
219 |
|
|
|
223 |
|
|
|
240 |
|
Securities-tax exempt |
|
|
4 |
|
|
|
4 |
|
|
|
4 |
|
|
|
6 |
|
|
|
6 |
|
Interest-bearing deposits and certificates of deposit |
|
|
42 |
|
|
|
13 |
|
|
|
4 |
|
|
|
8 |
|
|
|
7 |
|
Total interest and dividend income |
|
|
5,729 |
|
|
|
6,157 |
|
|
|
6,453 |
|
|
|
5,742 |
|
|
|
5,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
315 |
|
|
|
308 |
|
|
|
299 |
|
|
|
345 |
|
|
|
438 |
|
Borrowings |
|
|
147 |
|
|
|
155 |
|
|
|
178 |
|
|
|
198 |
|
|
|
232 |
|
Total interest expense |
|
|
462 |
|
|
|
463 |
|
|
|
477 |
|
|
|
543 |
|
|
|
670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
5,267 |
|
|
|
5,694 |
|
|
|
5,976 |
|
|
|
5,199 |
|
|
|
5,091 |
|
Provision (credit) for loan
losses |
|
|
71 |
|
|
|
(108 |
) |
|
|
(90 |
) |
|
|
(27 |
) |
|
|
(213 |
) |
Net interest income after
provision (credit) for loan losses |
|
|
5,196 |
|
|
|
5,802 |
|
|
|
6,066 |
|
|
|
5,226 |
|
|
|
5,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
365 |
|
|
|
422 |
|
|
|
410 |
|
|
|
419 |
|
|
|
367 |
|
Gain on loan origination and sale activities, net |
|
|
1,264 |
|
|
|
3,723 |
|
|
|
7,229 |
|
|
|
5,740 |
|
|
|
10,993 |
|
Mortgage servicing fees, net |
|
|
348 |
|
|
|
257 |
|
|
|
274 |
|
|
|
381 |
|
|
|
779 |
|
Increase in cash surrender value of life insurance |
|
|
40 |
|
|
|
41 |
|
|
|
41 |
|
|
|
41 |
|
|
|
40 |
|
Other |
|
|
175 |
|
|
|
92 |
|
|
|
195 |
|
|
|
235 |
|
|
|
244 |
|
Total non-interest income |
|
|
2,192 |
|
|
|
4,535 |
|
|
|
8,149 |
|
|
|
6,816 |
|
|
|
12,423 |
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
5,154 |
|
|
|
6,084 |
|
|
|
6,381 |
|
|
|
7,310 |
|
|
|
8,437 |
|
Occupancy and equipment |
|
|
365 |
|
|
|
713 |
|
|
|
714 |
|
|
|
621 |
|
|
|
744 |
|
Data processing |
|
|
345 |
|
|
|
237 |
|
|
|
367 |
|
|
|
301 |
|
|
|
263 |
|
Professional fees |
|
|
1,025 |
|
|
|
325 |
|
|
|
490 |
|
|
|
323 |
|
|
|
561 |
|
Marketing |
|
|
157 |
|
|
|
245 |
|
|
|
134 |
|
|
|
200 |
|
|
|
170 |
|
FDIC insurance |
|
|
58 |
|
|
|
55 |
|
|
|
54 |
|
|
|
54 |
|
|
|
54 |
|
Other non-interest expenses |
|
|
1,602 |
|
|
|
1,562 |
|
|
|
1,719 |
|
|
|
1,818 |
|
|
|
1,722 |
|
Total non-interest expenses |
|
|
8,706 |
|
|
|
9,221 |
|
|
|
9,859 |
|
|
|
10,627 |
|
|
|
11,951 |
|
Income (loss) before income
taxes |
|
|
(1,318 |
) |
|
|
1,116 |
|
|
|
4,356 |
|
|
|
1,415 |
|
|
|
5,776 |
|
Income tax expense
(benefit) |
|
|
(1,083 |
) |
|
|
330 |
|
|
|
1,230 |
|
|
|
(162 |
) |
|
|
1,664 |
|
Net income (loss) |
|
$ |
(235 |
) |
|
$ |
786 |
|
|
$ |
3,126 |
|
|
$ |
1,577 |
|
|
$ |
4,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.05 |
) |
|
$ |
0.17 |
|
|
$ |
0.64 |
|
|
$ |
0.32 |
|
|
$ |
0.81 |
|
Diluted |
|
$ |
(0.05 |
) |
|
$ |
0.16 |
|
|
$ |
0.62 |
|
|
$ |
0.31 |
|
|
$ |
0.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
4,815,325 |
|
|
|
4,743,833 |
|
|
|
4,869,155 |
|
|
|
4,921,182 |
|
|
|
5,056,165 |
|
Diluted |
|
|
5,014,538 |
|
|
|
4,993,750 |
|
|
|
5,074,676 |
|
|
|
5,135,582 |
|
|
|
5,254,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share |
|
$ |
2.15 |
|
|
$ |
0.15 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.Average Balances/Yields(Dollars in
thousands)(Unaudited)
|
Three Months Ended |
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
March 31, 2021 |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Average |
|
|
Interest |
|
|
Average |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
|
Outstanding |
|
|
Earned/ |
|
|
Yield/ |
|
(Dollars in thousands) |
Balance |
|
|
Paid |
|
|
Rate (7) |
|
|
Balance |
|
|
Paid |
|
|
Rate (7) |
|
|
Balance |
|
|
Paid |
|
|
Rate (7) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential (1) |
$ |
274,883 |
|
|
$ |
2,400 |
|
|
|
3.54 |
% |
|
$ |
319,855 |
|
|
$ |
2,790 |
|
|
|
3.46 |
% |
|
$ |
336,805 |
|
|
$ |
2,974 |
|
|
|
3.58 |
% |
Home equity |
|
57,046 |
|
|
|
470 |
|
|
|
3.34 |
% |
|
|
57,183 |
|
|
|
480 |
|
|
|
3.33 |
% |
|
|
48,383 |
|
|
|
433 |
|
|
|
3.63 |
% |
Commercial real estate |
|
197,330 |
|
|
|
1,921 |
|
|
|
3.95 |
% |
|
|
186,943 |
|
|
|
1,880 |
|
|
|
3.99 |
% |
|
|
146,683 |
|
|
|
1,406 |
|
|
|
3.89 |
% |
Construction |
|
32,734 |
|
|
|
296 |
|
|
|
3.67 |
% |
|
|
34,246 |
|
|
|
331 |
|
|
|
3.83 |
% |
|
|
30,350 |
|
|
|
295 |
|
|
|
3.94 |
% |
Total real estate loans |
|
561,993 |
|
|
|
5,087 |
|
|
|
3.67 |
% |
|
|
598,227 |
|
|
|
5,481 |
|
|
|
3.63 |
% |
|
|
562,221 |
|
|
|
5,108 |
|
|
|
3.68 |
% |
Commercial and industrial |
|
16,631 |
|
|
|
277 |
|
|
|
6.75 |
% |
|
|
18,311 |
|
|
|
331 |
|
|
|
7.17 |
% |
|
|
21,860 |
|
|
|
274 |
|
|
|
5.08 |
% |
Consumer |
|
7,617 |
|
|
|
103 |
|
|
|
5.48 |
% |
|
|
8,313 |
|
|
|
111 |
|
|
|
5.30 |
% |
|
|
9,940 |
|
|
|
126 |
|
|
|
5.14 |
% |
Total loans |
|
586,241 |
|
|
|
5,467 |
|
|
|
3.78 |
% |
|
|
624,851 |
|
|
|
5,923 |
|
|
|
3.76 |
% |
|
|
594,021 |
|
|
|
5,508 |
|
|
|
3.76 |
% |
Investment securities(2)
(3) |
|
52,930 |
|
|
|
221 |
|
|
|
1.69 |
% |
|
|
54,314 |
|
|
|
222 |
|
|
|
1.62 |
% |
|
|
57,818 |
|
|
|
247 |
|
|
|
1.73 |
% |
Interest-earning deposits |
|
107,866 |
|
|
|
42 |
|
|
|
0.16 |
% |
|
|
41,161 |
|
|
|
13 |
|
|
|
0.13 |
% |
|
|
35,492 |
|
|
|
7 |
|
|
|
0.08 |
% |
Total interest-earning
assets |
|
747,037 |
|
|
|
5,730 |
|
|
|
3.11 |
% |
|
|
720,326 |
|
|
|
6,158 |
|
|
|
3.39 |
% |
|
|
687,331 |
|
|
|
5,762 |
|
|
|
3.40 |
% |
Noninterest-earning
assets |
|
41,939 |
|
|
|
|
|
|
|
|
|
|
|
43,478 |
|
|
|
|
|
|
|
|
|
|
|
42,045 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
788,976 |
|
|
|
|
|
|
|
|
|
|
$ |
763,804 |
|
|
|
|
|
|
|
|
|
|
$ |
729,376 |
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
194,120 |
|
|
|
72 |
|
|
|
0.15 |
% |
|
|
191,464 |
|
|
|
72 |
|
|
|
0.15 |
% |
|
|
190,313 |
|
|
|
98 |
|
|
|
0.21 |
% |
NOW accounts |
|
62,039 |
|
|
|
43 |
|
|
|
0.28 |
% |
|
|
62,838 |
|
|
|
29 |
|
|
|
0.18 |
% |
|
|
69,511 |
|
|
|
48 |
|
|
|
0.28 |
% |
Money market accounts |
|
93,174 |
|
|
|
36 |
|
|
|
0.16 |
% |
|
|
77,140 |
|
|
|
36 |
|
|
|
0.19 |
% |
|
|
75,994 |
|
|
|
54 |
|
|
|
0.29 |
% |
Term certificates |
|
143,320 |
|
|
|
164 |
|
|
|
0.46 |
% |
|
|
135,406 |
|
|
|
171 |
|
|
|
0.50 |
% |
|
|
96,978 |
|
|
|
238 |
|
|
|
1.00 |
% |
Total interest-bearing deposits |
|
492,653 |
|
|
|
315 |
|
|
|
0.26 |
% |
|
|
466,848 |
|
|
|
308 |
|
|
|
0.26 |
% |
|
|
432,796 |
|
|
|
438 |
|
|
|
0.41 |
% |
FHLBB and FRB advances |
|
48,333 |
|
|
|
147 |
|
|
|
1.23 |
% |
|
|
53,592 |
|
|
|
155 |
|
|
|
1.15 |
% |
|
|
70,857 |
|
|
|
232 |
|
|
|
1.33 |
% |
Total interest-bearing liabilities |
|
540,986 |
|
|
|
462 |
|
|
|
0.35 |
% |
|
|
520,440 |
|
|
|
463 |
|
|
|
0.35 |
% |
|
|
503,653 |
|
|
|
670 |
|
|
|
0.54 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
140,454 |
|
|
|
|
|
|
|
|
|
|
|
127,486 |
|
|
|
|
|
|
|
|
|
|
|
106,929 |
|
|
|
|
|
|
|
|
|
Other noninterest-bearing liabilities |
|
11,559 |
|
|
|
|
|
|
|
|
|
|
|
13,305 |
|
|
|
|
|
|
|
|
|
|
|
15,375 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
692,999 |
|
|
|
|
|
|
|
|
|
|
|
661,231 |
|
|
|
|
|
|
|
|
|
|
|
625,957 |
|
|
|
|
|
|
|
|
|
Total stockholders'
equity |
|
95,977 |
|
|
|
|
|
|
|
|
|
|
|
102,573 |
|
|
|
|
|
|
|
|
|
|
|
103,419 |
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
$ |
788,976 |
|
|
|
|
|
|
|
|
|
|
$ |
763,804 |
|
|
|
|
|
|
|
|
|
|
$ |
729,376 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
5,268 |
|
|
|
|
|
|
|
|
|
|
$ |
5,695 |
|
|
|
|
|
|
|
|
|
|
$ |
5,092 |
|
|
|
|
|
Interest rate spread(4) |
|
|
|
|
|
|
|
|
|
2.76 |
% |
|
|
|
|
|
|
|
|
|
|
3.04 |
% |
|
|
|
|
|
|
|
|
|
|
2.86 |
% |
Net interest-earning
assets(5) |
$ |
206,051 |
|
|
|
|
|
|
|
|
|
|
$ |
199,886 |
|
|
|
|
|
|
|
|
|
|
$ |
183,678 |
|
|
|
|
|
|
|
|
|
Net interest margin(6) |
|
|
|
|
|
|
|
|
|
2.86 |
% |
|
|
|
|
|
|
|
|
|
|
3.14 |
% |
|
|
|
|
|
|
|
|
|
|
3.00 |
% |
Cost of deposits (8) |
|
|
|
|
|
|
|
|
|
0.20 |
% |
|
|
|
|
|
|
|
|
|
|
0.21 |
% |
|
|
|
|
|
|
|
|
|
|
0.33 |
% |
Cost of funds (9) |
|
|
|
|
|
|
|
|
|
0.27 |
% |
|
|
|
|
|
|
|
|
|
|
0.28 |
% |
|
|
|
|
|
|
|
|
|
|
0.45 |
% |
Ratio of interest-earning
assets to interest-bearing liabilities |
|
138.09 |
% |
|
|
|
|
|
|
|
|
|
|
138.41 |
% |
|
|
|
|
|
|
|
|
|
|
136.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes nonaccruing loan balances and interest received on
such loans, in addition to loans held for sale.(2) Includes
carrying value of securities classified as available-for-sale and
FHLBB stock.(3) Includes tax equivalent adjustments for municipal
securities, based on a statutory tax rate of 21%, of $1,000, $1,000
and $1,000 for the three months ended March 31, 2022, December 31,
2021, and March 31, 2021, respectively.(4) Interest rate spread
represents the difference between the yield on average
interest-earning assets and the cost of average interest-bearing
liabilities.(5) Net interest-earning assets represent total
interest-earning assets less total interest-bearing liabilities.(6)
Net interest margin represents net interest income divided by
average total interest-earning assets.(7) During the fourth quarter
of 2021, the Company changed the yield calculation method from the
“30/360” to the “Actual/Actual” method. Management believes that
the “Actual/Actual” method provides a more consistent and relevant
metric for yield performance comparisons.(8) Cost of deposits
represents the total interest paid on deposits, divided by total
interest-bearing deposits plus total noninterest-bearing
deposits.(9) Cost of funds represents the total interest paid on
liabilities, divided by total interest-bearing liabilities plus
total noninterest-bearing deposits.
Randolph Bancorp, Inc.Average Balances Trend(Dollars in
thousands)(Unaudited)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
274,883 |
|
|
$ |
319,855 |
|
|
$ |
345,576 |
|
|
$ |
319,087 |
|
|
$ |
336,805 |
|
Home equity |
|
|
57,046 |
|
|
|
57,183 |
|
|
|
53,345 |
|
|
|
49,789 |
|
|
|
48,383 |
|
Commercial real estate |
|
|
197,330 |
|
|
|
186,943 |
|
|
|
174,319 |
|
|
|
159,423 |
|
|
|
146,683 |
|
Construction |
|
|
32,734 |
|
|
|
34,246 |
|
|
|
32,690 |
|
|
|
29,902 |
|
|
|
30,350 |
|
Total real estate loans |
|
|
561,993 |
|
|
|
598,227 |
|
|
|
605,930 |
|
|
|
558,201 |
|
|
|
562,221 |
|
Commercial and industrial |
|
|
16,631 |
|
|
|
18,311 |
|
|
|
22,693 |
|
|
|
25,497 |
|
|
|
21,860 |
|
Consumer |
|
|
7,617 |
|
|
|
8,313 |
|
|
|
12,820 |
|
|
|
9,052 |
|
|
|
9,940 |
|
Total loans |
|
|
586,241 |
|
|
|
624,851 |
|
|
|
641,443 |
|
|
|
592,750 |
|
|
|
594,021 |
|
Investment securities |
|
|
52,930 |
|
|
|
54,314 |
|
|
|
54,229 |
|
|
|
55,376 |
|
|
|
57,818 |
|
Interest-earning deposits |
|
|
107,866 |
|
|
|
41,161 |
|
|
|
11,002 |
|
|
|
43,888 |
|
|
|
35,492 |
|
Total interest-earning assets |
|
|
747,037 |
|
|
|
720,326 |
|
|
|
706,674 |
|
|
|
692,014 |
|
|
|
687,331 |
|
Non-interest earning
assets |
|
|
41,939 |
|
|
|
43,478 |
|
|
|
44,614 |
|
|
|
40,257 |
|
|
|
42,045 |
|
Total assets |
|
$ |
788,976 |
|
|
$ |
763,804 |
|
|
$ |
751,288 |
|
|
$ |
732,271 |
|
|
$ |
729,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
194,120 |
|
|
$ |
191,464 |
|
|
$ |
189,254 |
|
|
$ |
192,434 |
|
|
$ |
190,313 |
|
NOW accounts |
|
|
62,039 |
|
|
|
62,838 |
|
|
|
61,951 |
|
|
|
69,730 |
|
|
|
69,511 |
|
Money market accounts |
|
|
93,174 |
|
|
|
77,140 |
|
|
|
73,662 |
|
|
|
72,469 |
|
|
|
75,994 |
|
Term certificates |
|
|
143,320 |
|
|
|
135,406 |
|
|
|
113,787 |
|
|
|
104,604 |
|
|
|
96,978 |
|
Total interest-bearing deposits |
|
|
492,653 |
|
|
|
466,848 |
|
|
|
438,654 |
|
|
|
439,237 |
|
|
|
432,796 |
|
FHLBB and FRB advances |
|
|
48,333 |
|
|
|
53,592 |
|
|
|
64,047 |
|
|
|
51,502 |
|
|
|
70,857 |
|
Total interest-bearing liabilities |
|
|
540,986 |
|
|
|
520,440 |
|
|
|
502,701 |
|
|
|
490,739 |
|
|
|
503,653 |
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits |
|
|
140,454 |
|
|
|
127,486 |
|
|
|
126,165 |
|
|
|
124,656 |
|
|
|
106,929 |
|
Other noninterest-bearing
liabilities |
|
|
11,559 |
|
|
|
13,305 |
|
|
|
19,021 |
|
|
|
13,606 |
|
|
|
15,375 |
|
Total liabilities |
|
|
692,999 |
|
|
|
661,231 |
|
|
|
647,887 |
|
|
|
629,001 |
|
|
|
625,957 |
|
Total stockholders'
equity |
|
|
95,977 |
|
|
|
102,573 |
|
|
|
103,401 |
|
|
|
103,270 |
|
|
|
103,419 |
|
Total liabilities and
stockholders' equity |
|
$ |
788,976 |
|
|
$ |
763,804 |
|
|
$ |
751,288 |
|
|
$ |
732,271 |
|
|
$ |
729,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.Interest Earned and Paid Trend(Dollars in
thousands)(Unaudited)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
2,400 |
|
|
$ |
2,790 |
|
|
$ |
3,021 |
|
|
$ |
2,763 |
|
|
$ |
2,974 |
|
Home equity |
|
|
470 |
|
|
|
480 |
|
|
|
475 |
|
|
|
412 |
|
|
|
433 |
|
Commercial real estate |
|
|
1,921 |
|
|
|
1,880 |
|
|
|
1,809 |
|
|
|
1,666 |
|
|
|
1,406 |
|
Construction |
|
|
296 |
|
|
|
331 |
|
|
|
310 |
|
|
|
289 |
|
|
|
295 |
|
Total real estate loans |
|
|
5,087 |
|
|
|
5,481 |
|
|
|
5,615 |
|
|
|
5,130 |
|
|
|
5,108 |
|
Commercial and industrial |
|
|
277 |
|
|
|
331 |
|
|
|
493 |
|
|
|
266 |
|
|
|
274 |
|
Consumer |
|
|
103 |
|
|
|
111 |
|
|
|
118 |
|
|
|
109 |
|
|
|
126 |
|
Total loans |
|
|
5,467 |
|
|
|
5,923 |
|
|
|
6,226 |
|
|
|
5,505 |
|
|
|
5,508 |
|
Investment securities |
|
|
221 |
|
|
|
222 |
|
|
|
224 |
|
|
|
230 |
|
|
|
247 |
|
Interest-earning deposits |
|
|
42 |
|
|
|
13 |
|
|
|
4 |
|
|
|
8 |
|
|
|
7 |
|
Total interest-earning assets |
|
|
5,730 |
|
|
|
6,158 |
|
|
|
6,454 |
|
|
|
5,743 |
|
|
|
5,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
$ |
72 |
|
|
$ |
72 |
|
|
$ |
76 |
|
|
$ |
89 |
|
|
$ |
98 |
|
NOW accounts |
|
|
43 |
|
|
|
29 |
|
|
|
23 |
|
|
|
38 |
|
|
|
48 |
|
Money market accounts |
|
|
36 |
|
|
|
36 |
|
|
|
41 |
|
|
|
43 |
|
|
|
54 |
|
Term certificates |
|
|
164 |
|
|
|
171 |
|
|
|
159 |
|
|
|
175 |
|
|
|
238 |
|
Total interest-bearing deposits |
|
|
315 |
|
|
|
308 |
|
|
|
299 |
|
|
|
345 |
|
|
|
438 |
|
FHLBB and FRB advances |
|
|
147 |
|
|
|
155 |
|
|
|
178 |
|
|
|
198 |
|
|
|
232 |
|
Total interest-bearing liabilities |
|
|
462 |
|
|
|
463 |
|
|
|
477 |
|
|
|
543 |
|
|
|
670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
5,268 |
|
|
|
5,695 |
|
|
|
5,977 |
|
|
|
5,200 |
|
|
|
5,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.Average Yield Trend(1)(Dollars in
thousands)(Unaudited)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
|
3.54 |
% |
|
|
3.46 |
% |
|
|
3.47 |
% |
|
|
3.47 |
% |
|
|
3.58 |
% |
Home equity |
|
|
3.34 |
% |
|
|
3.33 |
% |
|
|
3.53 |
% |
|
|
3.32 |
% |
|
|
3.63 |
% |
Commercial real estate |
|
|
3.95 |
% |
|
|
3.99 |
% |
|
|
4.12 |
% |
|
|
4.19 |
% |
|
|
3.89 |
% |
Construction |
|
|
3.67 |
% |
|
|
3.83 |
% |
|
|
3.76 |
% |
|
|
3.88 |
% |
|
|
3.94 |
% |
Total real estate loans |
|
|
3.67 |
% |
|
|
3.63 |
% |
|
|
3.68 |
% |
|
|
3.69 |
% |
|
|
3.68 |
% |
Commercial and industrial |
|
|
6.75 |
% |
|
|
7.17 |
% |
|
|
8.62 |
% |
|
|
4.18 |
% |
|
|
5.08 |
% |
Consumer |
|
|
5.48 |
% |
|
|
5.30 |
% |
|
|
3.65 |
% |
|
|
4.83 |
% |
|
|
5.14 |
% |
Total loans |
|
|
3.78 |
% |
|
|
3.76 |
% |
|
|
3.85 |
% |
|
|
3.73 |
% |
|
|
3.76 |
% |
Investment securities |
|
|
1.69 |
% |
|
|
1.62 |
% |
|
|
1.64 |
% |
|
|
1.67 |
% |
|
|
1.73 |
% |
Interest-earning deposits |
|
|
0.16 |
% |
|
|
0.13 |
% |
|
|
0.14 |
% |
|
|
0.07 |
% |
|
|
0.08 |
% |
Total interest-earning assets |
|
|
3.11 |
% |
|
|
3.39 |
% |
|
|
3.62 |
% |
|
|
3.33 |
% |
|
|
3.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
0.15 |
% |
|
|
0.15 |
% |
|
|
0.16 |
% |
|
|
0.19 |
% |
|
|
0.21 |
% |
NOW accounts |
|
|
0.28 |
% |
|
|
0.18 |
% |
|
|
0.15 |
% |
|
|
0.22 |
% |
|
|
0.28 |
% |
Money market accounts |
|
|
0.16 |
% |
|
|
0.19 |
% |
|
|
0.22 |
% |
|
|
0.24 |
% |
|
|
0.29 |
% |
Term certificates |
|
|
0.46 |
% |
|
|
0.50 |
% |
|
|
0.55 |
% |
|
|
0.67 |
% |
|
|
1.00 |
% |
Total interest-bearing deposits |
|
|
0.26 |
% |
|
|
0.26 |
% |
|
|
0.27 |
% |
|
|
0.32 |
% |
|
|
0.41 |
% |
FHLBB and FRB advances |
|
|
1.23 |
% |
|
|
1.15 |
% |
|
|
1.10 |
% |
|
|
1.54 |
% |
|
|
1.33 |
% |
Total interest-bearing liabilities |
|
|
0.35 |
% |
|
|
0.35 |
% |
|
|
0.38 |
% |
|
|
0.44 |
% |
|
|
0.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate spread |
|
|
2.76 |
% |
|
|
3.04 |
% |
|
|
3.24 |
% |
|
|
2.89 |
% |
|
|
2.86 |
% |
Net interest rate margin |
|
|
2.86 |
% |
|
|
3.14 |
% |
|
|
3.36 |
% |
|
|
3.01 |
% |
|
|
3.00 |
% |
Cost of deposits |
|
|
0.20 |
% |
|
|
0.21 |
% |
|
|
0.21 |
% |
|
|
0.25 |
% |
|
|
0.33 |
% |
Cost of funds |
|
|
0.27 |
% |
|
|
0.28 |
% |
|
|
0.30 |
% |
|
|
0.35 |
% |
|
|
0.45 |
% |
Ratio of interest-earning assets to interest-bearing
liabilities |
|
|
138.09 |
% |
|
|
138.41 |
% |
|
|
140.58 |
% |
|
|
141.01 |
% |
|
|
136.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) During the fourth quarter of 2021, the Company changed the
yield calculation method from the “30/360” to the “Actual/Actual”
method. Management believes that the “Actual/Actual” method
provides a more consistent and relevant metric for yield
performance comparisons.
Randolph Bancorp, Inc.Rate/Volume Analysis(Dollars in
thousands)(Unaudited)
|
|
Three Months Ended |
|
|
|
March 31, 2022 vs. December 31,
2021 |
|
|
|
Increase (Decrease) |
|
|
Total |
|
|
|
Due to Changes in |
|
|
Increase |
|
|
|
Volume |
|
|
Rate |
|
|
(Decrease) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
(338 |
) |
|
$ |
(52 |
) |
|
|
(390 |
) |
Home equity |
|
|
3 |
|
|
|
(13 |
) |
|
|
(10 |
) |
Commercial real estate |
|
|
68 |
|
|
|
(27 |
) |
|
|
41 |
|
Construction |
|
|
(12 |
) |
|
|
(23 |
) |
|
|
(35 |
) |
Total real estate loans |
|
|
(279 |
) |
|
|
(115 |
) |
|
|
(394 |
) |
Commercial and industrial |
|
|
(27 |
) |
|
|
(27 |
) |
|
|
(54 |
) |
Consumer |
|
|
(7 |
) |
|
|
(1 |
) |
|
|
(8 |
) |
Total loans |
|
|
(313 |
) |
|
|
(143 |
) |
|
|
(456 |
) |
Investment securities |
|
|
(4 |
) |
|
|
3 |
|
|
|
(1 |
) |
Interest-earning deposits |
|
|
17 |
|
|
|
12 |
|
|
|
29 |
|
Total interest-earning assets |
|
|
(300 |
) |
|
|
(128 |
) |
|
|
(428 |
) |
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
- |
|
|
|
- |
|
|
|
- |
|
NOW accounts |
|
|
- |
|
|
|
14 |
|
|
|
14 |
|
Money market accounts |
|
|
6 |
|
|
|
(6 |
) |
|
|
- |
|
Term certificates |
|
|
8 |
|
|
|
(15 |
) |
|
|
(7 |
) |
Total interest-bearing deposits |
|
|
14 |
|
|
|
(7 |
) |
|
|
7 |
|
FHLBB and FRB advances |
|
|
(12 |
) |
|
|
4 |
|
|
|
(8 |
) |
Total interest-bearing liabilities |
|
|
2 |
|
|
|
(3 |
) |
|
|
(1 |
) |
Change in net interest income |
|
$ |
(302 |
) |
|
$ |
(125 |
) |
|
$ |
(427 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.Rate/Volume Analysis(Dollars in
thousands)(Unaudited)
|
|
Three Months Ended |
|
|
|
March 31, 2022 vs. 2021 |
|
|
|
Increase (Decrease) |
|
|
Total |
|
|
|
Due to Changes in |
|
|
Increase |
|
|
|
Volume |
|
|
Rate |
|
|
(Decrease) |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
(488 |
) |
|
$ |
(86 |
) |
|
|
(574 |
) |
Home equity |
|
|
77 |
|
|
|
(40 |
) |
|
|
37 |
|
Commercial real estate |
|
|
447 |
|
|
|
68 |
|
|
|
515 |
|
Construction |
|
|
21 |
|
|
|
(20 |
) |
|
|
1 |
|
Total real estate loans |
|
|
57 |
|
|
|
(78 |
) |
|
|
(21 |
) |
Commercial and industrial |
|
|
(60 |
) |
|
|
63 |
|
|
|
3 |
|
Consumer |
|
|
(28 |
) |
|
|
5 |
|
|
|
(23 |
) |
Total loans |
|
|
(31 |
) |
|
|
(10 |
) |
|
|
(41 |
) |
Investment securities |
|
|
(17 |
) |
|
|
(9 |
) |
|
|
(26 |
) |
Interest-earning deposits |
|
|
5 |
|
|
|
30 |
|
|
|
35 |
|
Total interest-earning assets |
|
|
(43 |
) |
|
|
11 |
|
|
|
(32 |
) |
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings accounts |
|
|
2 |
|
|
|
(28 |
) |
|
|
(26 |
) |
NOW accounts |
|
|
(4 |
) |
|
|
(1 |
) |
|
|
(5 |
) |
Money market accounts |
|
|
10 |
|
|
|
(28 |
) |
|
|
(18 |
) |
Term certificates |
|
|
86 |
|
|
|
(160 |
) |
|
|
(74 |
) |
Total interest-bearing deposits |
|
|
94 |
|
|
|
(217 |
) |
|
|
(123 |
) |
FHLBB and FRB advances |
|
|
(66 |
) |
|
|
(19 |
) |
|
|
(85 |
) |
Total interest-bearing liabilities |
|
|
28 |
|
|
|
(236 |
) |
|
|
(208 |
) |
Change in net interest income |
|
$ |
(71 |
) |
|
$ |
247 |
|
|
$ |
176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Randolph Bancorp, Inc.Quarterly Trend in Mortgage Banking
Income(Dollars in thousands)(Unaudited)
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Gain on loan origination and sale activities, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of mortgages and realized gain from derivative
financial instruments, net |
|
$ |
3,093 |
|
|
$ |
4,818 |
|
|
$ |
6,339 |
|
|
$ |
6,545 |
|
|
$ |
15,876 |
|
Net change in fair value of loans held for sale and portfolio loans
accounted for at fair value |
|
|
(1,559 |
) |
|
|
(1,360 |
) |
|
|
549 |
|
|
|
1,091 |
|
|
|
(3,816 |
) |
Capitalized residential mortgage loan servicing rights |
|
|
377 |
|
|
|
942 |
|
|
|
783 |
|
|
|
1,476 |
|
|
|
2,797 |
|
Net change in fair value of derivative loan commitments and forward
loan sale commitments |
|
|
(647 |
) |
|
|
(677 |
) |
|
|
(442 |
) |
|
|
(3,372 |
) |
|
|
(3,864 |
) |
Gain on loan origination and sales activities, net |
|
$ |
1,264 |
|
|
$ |
3,723 |
|
|
$ |
7,229 |
|
|
$ |
5,740 |
|
|
$ |
10,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage servicing fees,
net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage loan servicing fees |
|
$ |
1,277 |
|
|
$ |
1,355 |
|
|
$ |
1,282 |
|
|
$ |
1,205 |
|
|
$ |
1,170 |
|
Amortization of residential mortgage loan servicing rights |
|
|
(749 |
) |
|
|
(831 |
) |
|
|
(795 |
) |
|
|
(759 |
) |
|
|
(812 |
) |
Release (provision) to the valuation allowance of mortgage loan
servicing rights |
|
|
135 |
|
|
|
43 |
|
|
|
39 |
|
|
|
(65 |
) |
|
|
421 |
|
Sub-servicer expenses (1) |
|
|
(315 |
) |
|
|
(310 |
) |
|
|
(252 |
) |
|
|
- |
|
|
|
- |
|
Mortgage servicing fees, net |
|
$ |
348 |
|
|
$ |
257 |
|
|
$ |
274 |
|
|
$ |
381 |
|
|
$ |
779 |
|
Total gain on loan origination and sales activities and mortgage
servicing fees |
|
$ |
1,612 |
|
|
$ |
3,980 |
|
|
$ |
7,503 |
|
|
$ |
6,121 |
|
|
$ |
11,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal balance of loans originated for sale |
|
$ |
110,371 |
|
|
$ |
222,644 |
|
|
$ |
260,519 |
|
|
$ |
309,033 |
|
|
$ |
487,675 |
|
Principal balance of loans sold |
|
$ |
129,858 |
|
|
$ |
297,316 |
|
|
$ |
260,473 |
|
|
$ |
342,762 |
|
|
$ |
503,285 |
|
Ending notional amount of derivative loan commitments |
|
$ |
42,678 |
|
|
$ |
85,887 |
|
|
$ |
158,085 |
|
|
$ |
139,748 |
|
|
$ |
239,509 |
|
Loans held for sale, at fair value |
|
$ |
22,698 |
|
|
$ |
44,766 |
|
|
$ |
75,400 |
|
|
$ |
74,277 |
|
|
$ |
93,176 |
|
Margin on loans sold (2) |
|
|
2.67 |
% |
|
|
1.94 |
% |
|
|
2.73 |
% |
|
|
2.34 |
% |
|
|
3.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Sub-servicer expenses were first incurred during the three
months ended September 30, 2021, due to a conversion of the
Company’s mortgage loan servicing activities. Previously, all
expenses related to servicing mortgage loans serviced for others
were included in non-interest expenses.(2) Margin on loans sold is
calculated as the sum of the gain on sale of mortgages and realized
gain from derivative financial instruments, net, plus capitalized
residential mortgage loan servicing rights divided by the principal
balance of loans sold.
Randolph Bancorp, Inc.Segment Information(Dollars in
thousands)(Unaudited)
|
|
For the Three Months Ended March 31,
2022 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
5,011 |
|
|
$ |
256 |
|
|
$ |
5,267 |
|
Provision for loan losses |
|
|
71 |
|
|
|
- |
|
|
|
71 |
|
Net interest income after
provision for loan losses |
|
|
4,940 |
|
|
|
256 |
|
|
|
5,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
355 |
|
|
|
10 |
|
|
|
365 |
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
1,991 |
|
|
|
1,991 |
|
Mortgage servicing fees, net |
|
|
(205 |
) |
|
|
553 |
|
|
|
348 |
|
Other |
|
|
99 |
|
|
|
116 |
|
|
|
215 |
|
Total non-interest income |
|
|
249 |
|
|
|
2,670 |
|
|
|
2,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,935 |
|
|
|
3,219 |
|
|
|
5,154 |
|
Occupancy and equipment |
|
|
512 |
|
|
|
(147 |
) |
|
|
365 |
|
Other non-interest expenses(2) |
|
|
1,911 |
|
|
|
1,276 |
|
|
|
3,187 |
|
Total non-interest expenses |
|
|
4,358 |
|
|
|
4,348 |
|
|
|
8,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes and elimination of inter-segment profit |
|
$ |
831 |
|
|
$ |
(1,422 |
) |
|
|
(591 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(727 |
) |
Income (loss) before income taxes |
|
|
|
|
|
|
|
|
|
|
(1,318 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
|
|
|
|
|
|
|
|
|
(1,083 |
) |
Net income (loss) |
|
|
|
|
|
|
|
|
|
$ |
(235 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before elimination of inter-segment profit.(2) Other
non-interest expenses include merger expenses of $588,000. The full
amount was allocated to Envision Bank.
The information above was derived from the internal management
reporting system used to measure performance of the segments.
Randolph Bancorp, Inc.Segment Information(Dollars in
thousands)(Unaudited)
|
|
For the Three Months Ended December 31,
2021 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
4,916 |
|
|
$ |
778 |
|
|
$ |
5,694 |
|
Provision (credit) for loan
losses |
|
|
(108 |
) |
|
|
- |
|
|
|
(108 |
) |
Net interest income after
provision (credit) for loan losses |
|
|
5,024 |
|
|
|
778 |
|
|
|
5,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
413 |
|
|
|
9 |
|
|
|
422 |
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
4,190 |
|
|
|
4,190 |
|
Mortgage servicing fees, net |
|
|
(213 |
) |
|
|
470 |
|
|
|
257 |
|
Other |
|
|
16 |
|
|
|
117 |
|
|
|
133 |
|
Total non-interest income |
|
|
216 |
|
|
|
4,786 |
|
|
|
5,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,741 |
|
|
|
4,343 |
|
|
|
6,084 |
|
Occupancy and equipment |
|
|
500 |
|
|
|
213 |
|
|
|
713 |
|
Other non-interest expenses |
|
|
1,038 |
|
|
|
1,386 |
|
|
|
2,424 |
|
Total non-interest expenses |
|
|
3,279 |
|
|
|
5,942 |
|
|
|
9,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes and elimination of inter-segment profit |
|
$ |
1,961 |
|
|
$ |
(378 |
) |
|
|
1,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(467 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
1,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
330 |
|
Net income |
|
|
|
|
|
|
|
|
|
$ |
786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before elimination of inter-segment profit.
The information above was derived from the internal management
reporting system used to measure performance of the segments.
Randolph Bancorp, Inc.Segment Information(Dollars in
thousands)(Unaudited)
|
|
For the Three Months Ended March 31,
2021 |
|
|
|
Envision Bank |
|
|
Envision Mortgage |
|
|
Consolidated Total |
|
Net interest income |
|
$ |
4,201 |
|
|
$ |
890 |
|
|
$ |
5,091 |
|
Provision (credit) for loan
losses |
|
|
(213 |
) |
|
|
- |
|
|
|
(213 |
) |
Net interest income after
provision for loan losses |
|
|
4,414 |
|
|
|
890 |
|
|
|
5,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
340 |
|
|
|
27 |
|
|
|
367 |
|
Gain on loan origination and sale activities, net (1) |
|
|
- |
|
|
|
11,674 |
|
|
|
11,674 |
|
Mortgage servicing fees, net |
|
|
(94 |
) |
|
|
873 |
|
|
|
779 |
|
Other |
|
|
151 |
|
|
|
133 |
|
|
|
284 |
|
Total non-interest income |
|
|
397 |
|
|
|
12,707 |
|
|
|
13,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,802 |
|
|
|
6,635 |
|
|
|
8,437 |
|
Occupancy and equipment |
|
|
443 |
|
|
|
301 |
|
|
|
744 |
|
Other non-interest expenses |
|
|
1,087 |
|
|
|
1,683 |
|
|
|
2,770 |
|
Total non-interest expenses |
|
|
3,332 |
|
|
|
8,619 |
|
|
|
11,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes and
elimination of inter-segment profit |
|
$ |
1,479 |
|
|
$ |
4,978 |
|
|
|
6,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elimination of inter-segment
profit |
|
|
|
|
|
|
|
|
|
|
(681 |
) |
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
5,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
1,664 |
|
Net income |
|
|
|
|
|
|
|
|
|
$ |
4,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before elimination of inter-segment profit.
The information above was derived from the internal management
reporting system used to measure performance of the segments.
Randolph Bancorp, Inc.Reconciliation of GAAP to Non-GAAP Net
Income (in thousands, except per share amounts)Unaudited
|
|
|
|
Quarter Ended |
|
|
|
|
|
March 31, 2022 |
|
Adjustments |
|
Income Statement Section |
|
Income (Loss) Before Taxes |
|
|
Provision (Credit) for Income Taxes |
|
|
Net Income (Loss) |
|
|
Earnings (Loss) per Share (diluted) |
|
GAAP basis |
|
|
|
$ |
(1,318 |
) |
|
$ |
(1,083 |
) |
|
$ |
(235 |
) |
|
$ |
(0.05 |
) |
Merger expenses(1) |
|
Non-interest expense |
|
|
588 |
|
|
|
- |
|
|
|
588 |
|
|
|
0.12 |
|
Reversal of cease use liability |
|
Non-interest expense |
|
|
(290 |
) |
|
|
(89 |
) |
|
|
(201 |
) |
|
|
(0.04 |
) |
Severance expenses |
|
Non-interest expense |
|
|
240 |
|
|
|
74 |
|
|
|
166 |
|
|
|
0.03 |
|
Non-GAAP basis |
|
|
|
$ |
(780 |
) |
|
$ |
(1,098 |
) |
|
$ |
318 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
December 31, 2021 |
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
GAAP basis |
|
|
|
$ |
1,116 |
|
|
$ |
330 |
|
|
$ |
786 |
|
|
$ |
0.16 |
|
Loss on disposal of fixed assets |
|
Non-interest income |
|
|
55 |
|
|
|
16 |
|
|
|
39 |
|
|
|
0.01 |
|
Accrued severance expenses |
|
Non-interest expense |
|
|
26 |
|
|
|
7 |
|
|
|
19 |
|
|
|
- |
|
Non-GAAP basis |
|
|
|
$ |
1,197 |
|
|
$ |
353 |
|
|
$ |
844 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
September 30, 2021 |
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
GAAP basis |
|
|
|
$ |
4,356 |
|
|
$ |
1,230 |
|
|
$ |
3,126 |
|
|
$ |
0.62 |
|
Accrued severance expenses |
|
Non-interest expense |
|
|
139 |
|
|
|
40 |
|
|
|
99 |
|
|
|
0.02 |
|
Other outsourcing expenses |
|
Non-interest expense |
|
|
190 |
|
|
|
54 |
|
|
|
136 |
|
|
|
0.03 |
|
Non-GAAP basis |
|
|
|
$ |
4,685 |
|
|
$ |
1,324 |
|
|
$ |
3,361 |
|
|
$ |
0.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
June 30, 2021 |
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision (Credit) for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
GAAP basis |
|
|
|
$ |
1,415 |
|
|
$ |
(162 |
) |
|
$ |
1,577 |
|
|
$ |
0.31 |
|
Loss on disposal of fixed assets |
|
Non-interest income |
|
|
29 |
|
|
|
8 |
|
|
|
21 |
|
|
|
- |
|
Accrued severance expenses |
|
Non-interest expense |
|
|
145 |
|
|
|
41 |
|
|
|
104 |
|
|
|
0.02 |
|
Other outsourcing expenses |
|
Non-interest expense |
|
|
71 |
|
|
|
20 |
|
|
|
51 |
|
|
|
0.01 |
|
Non-GAAP basis |
|
|
|
$ |
1,660 |
|
|
$ |
(93 |
) |
|
$ |
1,753 |
|
|
$ |
0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
|
March 31, 2021 |
|
Adjustments |
|
Income Statement Section |
|
Income Before Taxes |
|
|
Provision for Income Taxes |
|
|
Net Income |
|
|
Earnings per Share (diluted) |
|
GAAP basis |
|
|
|
$ |
5,776 |
|
|
$ |
1,664 |
|
|
$ |
4,112 |
|
|
$ |
0.78 |
|
Accrued severance expenses |
|
Non-interest expense |
|
|
109 |
|
|
|
31 |
|
|
|
78 |
|
|
|
0.01 |
|
Non-GAAP basis |
|
|
|
$ |
5,885 |
|
|
$ |
1,695 |
|
|
$ |
4,190 |
|
|
$ |
0.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Merger expenses are not tax-deductible and therefore no
provision for income taxes is calculated in the table.
Randolph Bancorp, Inc. Selected Financial
Highlights(Unaudited)
|
|
At or for the Three Months Ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
|
2021 |
|
Return on average assets: (1, 5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
(0.12 |
%) |
|
|
0.41 |
% |
|
|
1.66 |
% |
|
|
0.86 |
% |
|
|
2.26 |
% |
Non-GAAP (2) |
|
|
0.16 |
% |
|
|
0.44 |
% |
|
|
1.79 |
% |
|
|
0.96 |
% |
|
|
2.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity: (1,
6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
(0.98 |
%) |
|
|
3.07 |
% |
|
|
12.09 |
% |
|
|
6.11 |
% |
|
|
15.90 |
% |
Non-GAAP (2) |
|
|
1.33 |
% |
|
|
3.29 |
% |
|
|
13.00 |
% |
|
|
6.79 |
% |
|
|
16.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (10) |
|
|
2.86 |
% |
|
|
3.14 |
% |
|
|
3.36 |
% |
|
|
3.01 |
% |
|
|
3.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income to total
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
29.39 |
% |
|
|
44.33 |
% |
|
|
57.69 |
% |
|
|
56.73 |
% |
|
|
70.93 |
% |
Non-GAAP (2) |
|
|
29.39 |
% |
|
|
44.63 |
% |
|
|
57.69 |
% |
|
|
56.83 |
% |
|
|
70.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit percentage (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
(16.72 |
%) |
|
|
9.85 |
% |
|
|
30.20 |
% |
|
|
11.55 |
% |
|
|
31.76 |
% |
Non-GAAP (2) |
|
|
(9.51 |
%) |
|
|
10.59 |
% |
|
|
32.53 |
% |
|
|
13.56 |
% |
|
|
32.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio: (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
116.72 |
% |
|
|
90.15 |
% |
|
|
69.80 |
% |
|
|
88.45 |
% |
|
|
68.24 |
% |
Non-GAAP (2) |
|
|
109.51 |
% |
|
|
89.41 |
% |
|
|
67.47 |
% |
|
|
86.44 |
% |
|
|
67.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital to average
assets (3) |
|
|
11.47 |
% |
|
|
13.23 |
% |
|
|
13.38 |
% |
|
|
13.72 |
% |
|
|
13.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets as a
percentage of total assets (4) |
|
|
0.37 |
% |
|
|
0.33 |
% |
|
|
0.20 |
% |
|
|
0.86 |
% |
|
|
1.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage of total loans (4) |
|
|
1.09 |
% |
|
|
1.14 |
% |
|
|
1.13 |
% |
|
|
1.19 |
% |
|
|
1.32 |
% |
Allowance for loan losses as a
percentage of total loans, excluding SBA PPP Loans (4) |
|
|
1.09 |
% |
|
|
1.15 |
% |
|
|
1.14 |
% |
|
|
1.22 |
% |
|
|
1.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percentage of non-performing assets |
|
|
237.17 |
% |
|
|
239.67 |
% |
|
|
427.66 |
% |
|
|
101.89 |
% |
|
|
78.99 |
% |
Allowance for loan losses as a
percentage of non-performing loans |
|
|
237.17 |
% |
|
|
239.67 |
% |
|
|
427.66 |
% |
|
|
101.89 |
% |
|
|
77.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share
(8) |
|
$ |
17.07 |
|
|
$ |
19.73 |
|
|
$ |
19.71 |
|
|
$ |
19.16 |
|
|
$ |
18.80 |
|
Outstanding shares |
|
|
5,180,670 |
|
|
|
5,113,825 |
|
|
|
5,103,619 |
|
|
|
5,254,522 |
|
|
|
5,364,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized for quarterly periods presented.(2) See page 20 –
Reconciliation of GAAP to Non-GAAP Net Income.(3) Average assets
calculated on a quarterly basis for all periods presented.(4) Total
loans exclude loans held for sale.(5) This non-GAAP measure
represents net income divided by average total assets.(6) This
non-GAAP measure represents net income divided by average
stockholders’ equity.(7) This non-GAAP measure represents total
non-interest expenses divided by net interest income and
non-interest income.(8) This non-GAAP measure represents total
stockholders’ equity, minus intangible assets of $22,000, $24,000,
$26,000, $28,000, and $31,000 at March 31, 2022, December 31, 2021,
September 30, 2021, June 30, 2021, and March 31, 2021,
respectively, divided by outstanding shares at period end.(9) This
non-GAAP measure represents net interest income plus noninterest
income less non-interest expense divided by net interest income
plus non-interest income.(10) During the fourth quarter of 2021,
the Company changed the yield calculation method from the “30/360”
to the “Actual/Actual” method. Management believes that the
“Actual/Actual” method provides a more consistent and relevant
metric for yield performance comparisons.
For More Information, Contact:William M. Parent, President and
Chief Executive Officer (617-925-1955)
Grafico Azioni Randolph Bancorp (NASDAQ:RNDB)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Randolph Bancorp (NASDAQ:RNDB)
Storico
Da Set 2023 a Set 2024